Vietnam: What is the deposit paid before the mineral extraction right auction?

10:26, 30/03/2012

On March 26, 2012, the Government of Vietnam issued Decree No. 22/2012/NĐ-CP on mineral extraction right auction.

đấu giá quyền khai thác khoáng sản, Nghị định 22/2012/NĐ-CP

According to Article 5 of Decree No. 22/2012/NĐ-CP of Vietnam’s Government, deposit means an amount (in VND) paid by the bidders before the mineral extraction right auction. The deposit shall be decided by the mineral extraction right auction council as follows:

- For auctions of mineral extraction rights areas with mineral exploration results, the deposit is 1%-15% of the reserve price;

- For auctions of mineral extraction rights in areas in which mineral exploration has not yet been carried out, the deposit shall depend on mineral surveys and mineral assessment results and be calculated as specified in Point a this Clause.

Bidders may pay the deposit in cash or by auction guarantees as follows:

- For cash payment, bidders shall deposit in the suspense account of the agency that receives bidder dossiers specified in Article 17 of this Decree;

- For auction guarantees, bidders must submit their auction guarantees to the agency that receives the bidder dossiers.

Note: The deadline for deposit payment stated in the bidding invitation is at least 7 (seven) days before the auction. Deposits of auction winners shall be remitted to the State Treasury and deducted from the auction winning amount when issuing the mineral extraction license.

View details at Decree No. 22/2012/NĐ-CP of Vietnam’s Government, effective from May 15, 2012.

Le Vy

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